August 9, 2022

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Crypto Week: Bitcoin Nears $29,400, Ether Weekly Fall Over 10%, Apecoin Worst Hit

The crypto market had a volatile week with Bitcoin weighing on the bearish tone and Ethereum witnessing steep corrections. ApeCoin was worst in the last seven trading sessions in terms of percentage. Terra made a comeback with a rebranded chain called Terra Classic and a new coin called Terra LUNA in hopes to recover from the crash that made many investors poor.

As per CoinMarketCap, the global crypto market cap is at $1.22 trillion – a 1.50% increase over the last day. Meanwhile, the total volume stood at $50.89 billion, which makes a 29.85% decrease over the last 24 hours.

The total volume in DeFi is currently $5.01B, 9.84% of the total crypto market 24-hour volume. The volume of all stable coins is now $43.13B, which is 84.74% of the total crypto market’s 24-hour volume.

Bitcoin traded currently at $29,343.59 up by 0.73%. The coin has touched an intraday high of $29,415.12. Its market cap was nearly $560 billion.

Ether traded at $1,812.97 up by 1.07%. It has a market cap of $219.14 billion. Ether which is the second-largest cryptocurrency after Bitcoin – had a rough week.

In the last seven days, Bitcoin has slumped by 2.4%, while Ether’s weekly fall is around 10.5% as of today.

In the last seven sessions, ApeCoin was among the worst-hit coins with a drop of nearly 22%. Waves stood as the top bear slumping by over 25%, while STEPN, NEM, and Elrond dipped around 21% each in the week.

Terraform Labs launched its new blockchain on 28th May. The original Terra chain has been rebranded as Terra Classic, while a new chain has been created with the existing name Terra and made available for trading from Saturday onward. Due to the de-pegging of the former chain, LUNA is witnessing extreme volatility.

Under the rebranded Terra Classic, the original cosmos chain will still run, however, with market swaps (mint/burn function) disabled. Further, all balances will continue to be the same. Luna has become Luna Classic (LUNC). Also, Terra stablecoins (UST, KRT, EUT, etc.) has been renamed Terra Classic stablecoins (USTC, KRTC, EUTC, etc.).

Furthermore, the new chain Terra has assumed all Terra branding assets. Notably, Terra is also a cosmos chain, however, will not have the treasury, oracle, or market modules of the original chain. The new chain’s native mining token is called Luna. Also, Terra stablecoins (UST, KRT, EUT, etc.) will not be included in the new chain.

Terra Classic is currently traded at $0.00008421 down by 14.05%. Meanwhile, Terra LUNA traded at $5.71 down by 1.85%. On Saturday, LUNA hit an all-time high of $19.54.

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